Automotive UBI market in Europe is expected to grow from US$ 6.01 Bn in 2018 to US$ 43.30 Bn by the year 2027
The Industry report for “Global Europe Automotive Usage-Based Insurance (UBI) Market” showcase by The Insight Partners includes broad essential research alongside the detailed analysis of subjective and in addition quantitative angles by different industry specialists, key feeling pioneers to pick up a more profound understanding of the business execution.
Automotive UBI market in Europe is expected to grow from US$ 6.01 Bn in 2018 to US$ 43.30 Bn by the year 2027 with a CAGR of 24.6% from the year 2019 to 2027.
Automotive UBI Market - Companies Mentioned
• Allstate Insurance Company
• Allianz SE
• Ingenie Services Limited
• Octo Telematics S.p.A
• Vodafone Automotive S.P.A.
• AXA SA
• Liberty Mutual Insurance Company
• TomTom Telematics BV
• Sierra Wireless, Inc.
• Unipolsai Assicurazioni S.p.A.
The rising trend of mobility-as-a-service (MaaS) and wide-range of insurance premiums are boosting the growth of the automotive UBI market. Moreover, the significant partnerships among the insurance companies and telematics companies are anticipated to propel automotive UBI market growth in the forecast period. The UBI market is maturing substantially over the years in the countries, namely the US, Italy, and the UK. The insurance companies offering telematics insurance is constantly leveraging on various factors to enhance the solutions and deliver their customers with better schemes. One of the significant trends in the automotive UBI market is the increasing number of partnerships among telematics companies and insurance companies.
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This report provides in depth study of “Europe Automotive Usage-Based Insurance (UBI) Market” using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The Europe Automotive Usage-Based Insurance (UBI) Industry report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organization.
The potential of this industry segment has been rigorously investigated in conjunction with primary market challenges. The present market condition and future prospects of the segment has also been examined. Moreover, key strategies in the market that includes product developments, partnerships, mergers and acquisitions, etc., are discussed. Besides, upstream raw materials and equipment and downstream demand analysis is also conducted.
The PHYD segment is one of the leading policy types with the highest market share in the Europe automotive UBI market. UBI utilizes actual driver data for calculating the premiums, which are more discrete and precise than traditional methods. This results in potential savings to the customers’. The two basic types of automotive UBI include pay-as-you-drive (PAYD) and or pay-how-you-drive (PHYD). Each of these types is analyzed slightly different information to determine premium rates for customers’. The PHYD method of calculating UBI also helps in reducing accident frequency as the driver is cautious about driving behavior. Moreover, since the risk rate of an accident is high for young drivers, PHYD for teen drivers is resulting beneficial for society. PHYD is more mature than PAYD, contributing more comprehensive data to customers and insurers. Also, for insurers, PHYD offers benefits such as price accuracy, correction of risk misclassifications, enabling lower premiums, and fighting fraudulent claims, etc.
The report analyzes factors affecting Europe Automotive Usage-Based Insurance (UBI) Market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South & Central America after evaluating political, economic, social and technological factors affecting the Europe Automotive Usage-Based Insurance (UBI) Market in these regions.
Answers that the report acknowledges:
• Market size and growth rate during forecast period.
• Key factors driving the Europe Automotive Usage-Based Insurance (UBI) Market.
• Key market trends cracking up the growth of the Europe Automotive Usage-Based Insurance (UBI) Market.
• Challenges to market growth.
• Key vendors of Europe Automotive Usage-Based Insurance (UBI) Market.
• Detailed SWOT analysis.
• Opportunities and threats faces by the existing vendors in Global Europe Automotive Usage-Based Insurance (UBI) Market.
• Trending factors influencing the market in the geographical regions.
• Strategic initiatives focusing the leading vendors.
• PEST analysis of the market in the five major regions
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